The star-studded film is set to premiere on Netflix January 2023.
The movie is also set to star Joseph Gordon-Levitt and received a new title.
Production veteran Reginald Hudlin directs the movie.
The untitled film, which is still in development, will also detail Parliament-Funkadelic's influence on Hip-Hop.
All three stars could reach career milestones with wins in their respective categories.
"Eddie is a legend both in front of and behind the camera," said the head of Amazon Studios.
The saga of Prince Akeem is back! Welcome to Zamunda!!
The comedic film hits streaming Amazon Prime Video on March 5, 2021.